FIVE THINGS TO DO NOW IF YOUR FIXED-RATE MORTGAGE IS ENDING SOON – TIMES MONEY MENTOR

More than one million UK households will see mortgage deals end this year, meaning a possible jump in their monthly repayments. Here’s what to do if your fixed-rate deal is ending soon.

Interest rates have soared since December 2021, when the base rate sat at 0.1% and you could find a two-year fixed-rate mortgage deal for just 0.89%.

Now, the base rate is at 4.5% and the average two-year fixed rate is over 5.26%, while a five-year mortgage deal will cost you 4.97%. If you secured a fixed mortgage before 2022, you are likely to end up paying a higher rate when your deal ends.

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